Why won't my Balance Sheet update even though I have paid my Corporation tax
On my tax timeline I have note to pay my corporation tax which I have done. The date is for the 1 Mar 08.
I have made the payments and updated my bank accounts but it doesn't seem to have removed the corporation tax from my tax timeline. This now affects my balance sheet as it still thinks I need to pay my corporation tax?
Also what can I do if my corporation tax value calculated by my accountant isn't exactly what FreeAgent calculated, is there a way I can adjust it.
I have made the payments and updated my bank accounts but it doesn't seem to have removed the corporation tax from my tax timeline. This now affects my balance sheet as it still thinks I need to pay my corporation tax?
Also what can I do if my corporation tax value calculated by my accountant isn't exactly what FreeAgent calculated, is there a way I can adjust it.
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Inappropriate?Russell - at the moment the Balance Sheet is the one part of the accounting side of things that is approximated. As you identify, it doesn't reflect the true nature of your liabilities. That's partly because it's the most difficult thing to put together involving as it does every previous year of accounting data.
(actually, it's also a bit like the Tax Timeline, which doesn't 'know' when taxes have been paid and in fact just removes them once the deadlines have passed. Not really what you're after).
Suffice it to say we're on the case - a new Balance Sheet screen, generated from the full accounting record, will be included in release 'Prosecco' about two weeks from now. The more general issue of paid taxes and sent returns will be handled somewhat later.
As for adjustments - our goal is to also model the adjustments your accountant is making, but we accept that we should include an adjustments figure in there too.
We'll work on that, but if your accountant could get in touch to let us know the kind of discrepancy we're needing to handle, that would be great.
I’m optimistic we're getting there.
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this solves the problem
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Inappropriate?Thanks for your prompt response. I am always impressed at how quickly you respond to problems and how honest your responses are.
For the moment its not a massive problem so I can wait until the next release.
I’m happy
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